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<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2023-05-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Prior_Intimation_Of_Board_Meeting/2023-05-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Prior_Intimation_Of_Board_Meeting/2023-05-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2023-05-31/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2023-05-31.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">M&amp;M</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-03-24</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">M&amp;M</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-03-24</xbrli:startDate><xbrli:endDate>2026-03-24</xbrli:endDate></xbrli:period></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">M&amp;M</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Mahindra &amp; Mahindra Limited</in-capmkt:NameOfTheCompany><in-capmkt:WhetherCompanyIsSME contextRef="MainD">false</in-capmkt:WhetherCompanyIsSME><in-capmkt:ISIN contextRef="MainI">INE101A01026</in-capmkt:ISIN><in-capmkt:TypeOfMeeting contextRef="MainI">Board Meeting</in-capmkt:TypeOfMeeting><in-capmkt:TypeOfIntimation contextRef="MainD">New</in-capmkt:TypeOfIntimation><in-capmkt:DateOfProposedMeeting contextRef="MainD">2026-05-05</in-capmkt:DateOfProposedMeeting><in-capmkt:WhetherTradingWindowIsClosed contextRef="MainD">true</in-capmkt:WhetherTradingWindowIsClosed><in-capmkt:DateOfStartOfTradingWindowClosure contextRef="MainI">2026-04-01</in-capmkt:DateOfStartOfTradingWindowClosure><in-capmkt:DetailsOfDateOfEndOfTradingWindowClosure contextRef="MainI">07-05-2026</in-capmkt:DetailsOfDateOfEndOfTradingWindowClosure><in-capmkt:DateOfReport contextRef="MainI">2026-03-24</in-capmkt:DateOfReport><in-capmkt:Agenda1 contextRef="MainD">Financial results</in-capmkt:Agenda1><in-capmkt:Agenda2 contextRef="MainD">Dividend</in-capmkt:Agenda2><in-capmkt:Agenda3 contextRef="MainD">Other business</in-capmkt:Agenda3><in-capmkt:WhetherResultsAreAuditedOrUnaudited contextRef="MainD">Audited</in-capmkt:WhetherResultsAreAuditedOrUnaudited><in-capmkt:NatureOfReportStandaloneConsolidated contextRef="MainD">Standalone And Consolidated</in-capmkt:NatureOfReportStandaloneConsolidated><in-capmkt:ReportingPeriodType contextRef="MainD">Yearly</in-capmkt:ReportingPeriodType><in-capmkt:MonthOfPeriodEnded contextRef="MainD">March</in-capmkt:MonthOfPeriodEnded><in-capmkt:YearOfPeriodEnded contextRef="MainI" unitRef="pure" decimals="0">2026</in-capmkt:YearOfPeriodEnded><in-capmkt:TypeOfDividend contextRef="MainD">Final</in-capmkt:TypeOfDividend><in-capmkt:RemarksWebsiteDissemination contextRef="MainI">Pursuant to Regulation 29 read with Regulation 50 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we inform you that the Meeting of the Board of Directors of the Company will be held on Tuesday, 5th May 2026 to, inter alia:

1. Consider and Approve the Audited Standalone Financial Results of the Company for the Fourth Quarter and Financial Year ending 31st March 2026; 

2. Consider and Approve the Audited Consolidated Financial Results of the Company and its Subsidiaries for the Fourth Quarter and Financial Year ending 31st March 2026; 

3. Consider and recommend Dividend, if any, on Equity Shares of the Company for the Financial Year ending 31st March 2026;

4. Consider matters relating to the ensuing Annual General Meeting.

In terms of the Code of Conduct for Prevention of Insider Trading in Securities of Mahindra &amp; Mahindra Limited, the Trading Window will be closed from 1st April 2026 to 7th May 2026 (both days inclusive). 

This intimation is also being uploaded on the Company’s website at https://www.mahindra.com 

You are requested to kindly note the same.
 
This is for your information.</in-capmkt:RemarksWebsiteDissemination></xbrli:xbrl>